Hemp Inc (OTCMKTS:HEMP) Finally Delivers
After months of waiting, Hemp Inc (OTCMKTS:HEMP) finally produced its first environmentally friendly product-to-market from the company’s new decortication plant in Spring Hope, North Carolina. This is a pretty big deal for HEMP and its investors as the company has basically bet the ranch on this plant and the state of North Carolina. We told investors back in February that the company was making a comeback and things are finally starting to come together.
HEMP announced this week that the company released its first product in the marketplace, an environmentally friendly absorbent called SpillSuck. The super absorbent biodegradable material is made from the core of kenaf and hemp plants and is one of the world’s most absorbent natural materials used primarily for oil, chemical and other liquid spills. The company’s first 25,000 pounds of SpillSuck are in the final stages of packaging, after which the product will be ready for market.
Twenty-five thousand pounds are currently being bagged for market delivery. In the next 2 to 3 weeks, HEMP expects to have another 100,000 pounds ready and 2 – 3 weeks after that, to have 50,000 pounds ready for market delivery. Once in full production, HEMP’s target is one to three million pounds per month. CEO Bruce Perlowin said:
“This is a big deal for HEMP because this is our first environmentally friendly product-to-market from our decortication plant in Spring Hope, North Carolina. While our subsidiary, IHM, has been making excellent progress in getting our decortication plant fully operational, we are extremely pleased we were able to churn out the first 25,000 pounds of SpillSuck from the mill portion of our facility to go to market.”
According to HEMP, SpillSuck can be used to clean up liquid spills from oil, diesel fuel, hydraulic fluid, solvents and water, to name a few. The “easy-to-handle” natural absorbent is thirty times more absorbent than clay, absorbing liquid quickly and it is extremely cost effective in cleaning up oil spills on land or water. The company is supposedly in talks with major retail suppliers, though no names have been mentioned as of yet. COO David Schmitt of Industrial Hemp Manufacturing LLC said:
“Our next environmentally friendly product to hit the market, after SpillSuck, will be our loss circulation material, DrillWall. It’s a micronized plant cellulosic material that is a natural non-toxic antimicrobial. The LCMs used as drilling fluid act as a borehole stabilizer, a lubricating agent, a torque and drag reducer, as well as preventing differential sticking. LCMs are utilized by many oil and drilling companies because it quickly seals highly permeable formations of fractured shale, sand or pre-salt during the drilling process. Moreover, DrillWall can be used with all types of drilling fluids.”
Getting product to market is indeed the first step for HEMP. We have been critical of the company at times in the past due to its endless stream of press releases built on hype and very little substance. Finally, the company has put out one that has nothing to do with legislation in other states or anything else to do with hype surrounding the benefits of hemp and its market potential.
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Currently trading with a market cap of $13 million, HEMP remains one of the most well-known pot stocks and has been well promoted by CEO and promoter-in-chief Bruce Perlowin. He has made his fair share of both fans and enemies in the industry. But as we’ve said in the past, the one thing that he has done well is position the company properly in North Carolina. By the end of this year, HEMP plans on employing 100 workers at its North Carolina decorticator plant.
